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(1)For paragraph 8 of Schedule 31 to the M1Local Government, Planning and Land Act 1980 (financial limits of urban development corporations) there shall be substituted—
“8(1)The aggregate amount of the sums mentioned in sub-paragraph (2) below shall not exceed £30 million or such greater sum not exceeding £100 million as the Secretary of State may by order made by statutory instrument specify.
(2)The sums are—
(a)sums borrowed by all corporations under paragraph 4 above minus repayments made in respect of those sums; and
(b)sums issued by the Treasury in fulfilment of guarantees under paragraph 5 above of debts of all corporations.
(3)No order under sub-paragraph (1) above shall have effect until approved by a resolution of the House of Commons.”
(2)Section 12 of the M2New Towns and Urban Development Corporations Act 1985 is hereby repealed and the Urban Development Corporations (Financial Limits) Order 1983 and the Urban Development Corporations (Financial Limits) Order 1987 are hereby revoked.
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